Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
<strong>Most overbought</strong>: Samsung Electronics, SK Hynix, Gold and Oil. <strong>Most oversold</strong>: NetEase Cloud M,Nikkei 225,Hitachi, Broadcom</li>
</ul>


Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought: Samsung Electronics, SK Hynix, Gold and Oil. Most oversold: NetEase Cloud M,Nikkei 225,Hitachi, Broadcom


WEEKLY Tactical Recap: Samsung Electronics, SK Hynix, Nikkei 225, CATL, Tokyo Electron, Gold, Oil

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.</li>
<li>Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.</li>
<li>All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.</li>
</ul>


The big 3 convenience stores in Japan control 90% of the sector and share will climb as they mop up some of the remaining chains and collaborate with the rest.
Seven Eleven is by far the best performer of the three but both Lawson and Familymart are innovating to create quite different retail operations.
All are seeing the benefits of digitisation of store and supply chain operations, which should enhance profitability, enhanced by new services and revenue streams like retail media.


Conbini Wars: Seven Vs Lawson Vs Familymart

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators.</li>
<li>We look at the company's core segments: Payment Solutions and Digital Financial Services, led by CreditTech.</li>
<li>We think the deal is worth following as it has profitability with scale and market dominance.</li>
</ul>


Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators.
We look at the company's core segments: Payment Solutions and Digital Financial Services, led by CreditTech.
We think the deal is worth following as it has profitability with scale and market dominance.


Equity Bottom-Up

<ul>
<li>Ryohin Keikaku has updated forecasts for FY ending August: ¥907 billion in revenues this year at a 10%+ operating margin. </li>
<li>Vertical integration of sourcing is driving gross margin expansion, and a ¥1 trillion target with 12% margins is now firmly in sight.</li>
<li>Overseas growth will be the key however as saturation at home beckons.</li>
</ul>


Ryohin Keikaku has updated forecasts for FY ending August: ¥907 billion in revenues this year at a 10%+ operating margin. 
Vertical integration of sourcing is driving gross margin expansion, and a ¥1 trillion target with 12% margins is now firmly in sight.
Overseas growth will be the key however as saturation at home beckons.


Muji Closing in on ¥1 Trillion and Fatter Profits

<ul>
<li>The latest commercial census published this Spring shows that Japan's wholesale sector remains more dominant than in many other major economies, partly explaining the low margins in some retail sectors.</li>
<li>Wholesale sales fell 8% between 2016 and 2021, but were still 10% higher than in 2012 due to survey changes over the previous decade.</li>
<li>Consolidation of wholesaling into the hands of larger corporations, with correspondingly higher power within the supply chain, is increasing and opportunities for M&amp;A and margin growth are significant.</li>
</ul>


The latest commercial census published this Spring shows that Japan's wholesale sector remains more dominant than in many other major economies, partly explaining the low margins in some retail sectors.
Wholesale sales fell 8% between 2016 and 2021, but were still 10% higher than in 2012 due to survey changes over the previous decade.
Consolidation of wholesaling into the hands of larger corporations, with correspondingly higher power within the supply chain, is increasing and opportunities for M&amp;A and margin growth are significant.


Japan

Mitsubishi Corporation is a general trading company.  The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services.  Mitsubishi diversifies by satellite communications through a joint venture.

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Mitsubishi Corp (8058 JP)

WEEKLY Tactical Recap: Samsung Electronics, SK Hynix, Nikkei 225, CATL, Tokyo Electron, Gold, Oil

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Conbini Wars: Seven Vs Lawson Vs Familymart

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Mynt (GCash) Pre-IPO: Early Thoughts

Mynt has filed for a PSE Main Board listing. We look at its business, industry, financials, peer valuation and shareholders, and whether the deal...

Ke Yan, CFA, FRM

Muji Closing in on ¥1 Trillion and Fatter Profits

Ryohin Keikaku's share price shot up after recent upward revisions to forecasts but remains a worthy long-term bet thanks to international growth...

Michael Causton

The State of Wholesaling in Japan

Getting a clear overview of Japan's wholesale industry is hard but every five years, Japan does a commercial census. The latest is just out, and we...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WEEKLY Tactical Recap: Samsung Electronics, SK Hynix, Nikkei 225, CATL, Tokyo Electron, Gold, Oil

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Conbini Wars: Seven Vs Lawson Vs Familymart

​The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...

Michael Causton

Mynt (GCash) Pre-IPO: Early Thoughts

Mynt has filed for a PSE Main Board listing. We look at its business, industry, financials, peer valuation and shareholders, and whether the deal...

Ke Yan, CFA, FRM

Muji Closing in on ¥1 Trillion and Fatter Profits

Ryohin Keikaku's share price shot up after recent upward revisions to forecasts but remains a worthy long-term bet thanks to international growth...

Michael Causton

The State of Wholesaling in Japan

Getting a clear overview of Japan's wholesale industry is hard but every five years, Japan does a commercial census. The latest is just out, and we...

Michael Causton

The top 3 convenience stores in Japan dominate the sector and are expected to further increase their market share. They are embracing digitization...